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Jan 29, 2013
01/13
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we ask do you think congress is going to increase the debt ceiling every time it's reached, refuse to raise it at some point and don't know? you can see 86% are saying that congress will raise the debt ceiling every time it's reached this year, when i think about some of the reasons why stocks have gotten higher because i think that thread along with the fiscal cliff has come out of the market and that there's overwhelming sentiment that coss i solve the get problem. we asked wall street to grade our treasury secretary going out and one coming in. you can see a pretty strong sentiment that he was a seed secretary with a 2.2. jack lew, the sentiment there. 2.0. one more thing on the deficit i just want to say and maybe this is worthy of discussion here. i think this is a sign that things have improved, at these economists and guys on wall street are saying we should solve the deficit and do it now. i think if things were as bad as they were say the last couple years there might be less sense that we urgently need to fix the deficit problem. mike england from action economics said if we
we ask do you think congress is going to increase the debt ceiling every time it's reached, refuse to raise it at some point and don't know? you can see 86% are saying that congress will raise the debt ceiling every time it's reached this year, when i think about some of the reasons why stocks have gotten higher because i think that thread along with the fiscal cliff has come out of the market and that there's overwhelming sentiment that coss i solve the get problem. we asked wall street to...
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Sep 3, 2013
09/13
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ceiling loom larger every day. will the president be forced to make some deals on those issues to win enough votes on syria? peter orszag used to be in the middle of such affairs as white house budget director. he is now vice-chairman of global banking at citigroup and he's back with us today. peter, good to see you. >> good to be here. >> let me begin with syria. the president needs the votes. today, we heard john boehner say he agrees with the president, military action. would there be a scenario where some congressman would say, okay, i'll give you a yes and i will agree with you on syria, but i need some concessions when it comes to the debt ceiling and cutting back on spending? >> well, they may say that, but the question is, where is that middle ground? because it's really hard -- congressman goes to the president says, i'll give you a vote on syria in exchange for delaying obamacare? i don't think so. the question is, what would that congressman or woman ask for in exchange, that the president could actually
ceiling loom larger every day. will the president be forced to make some deals on those issues to win enough votes on syria? peter orszag used to be in the middle of such affairs as white house budget director. he is now vice-chairman of global banking at citigroup and he's back with us today. peter, good to see you. >> good to be here. >> let me begin with syria. the president needs the votes. today, we heard john boehner say he agrees with the president, military action. would...
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Oct 8, 2013
10/13
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then serious negotiations could proceed around every item in the budget. now, as soon as congress votes to reopen the government, it's also got to vote to meet our country's commitments, pay our bills, raise the debt ceiling because as reckless as a government shutdown is, the economic shutdown caused by america defaulting would be dramatically worse and i want to talk about this for a minute because even though people can see and feel the effects of a government shutdown, they're already experiencing it right now, there's still some people out there who don't believe that default is a real thing and we've been hearing that from some republicans in congress ta default would not be a big deal. so let me explain this. if congress refuses to raise what's called the debt ceiling, america would not be able to meet all of our financial obligations for the first time in 225 years. and because it's called raising the debt ceiling, i think at lot of americans think, it's raising our debt. it is not raising our debt. this does not add a dime to our debt. it simply s
then serious negotiations could proceed around every item in the budget. now, as soon as congress votes to reopen the government, it's also got to vote to meet our country's commitments, pay our bills, raise the debt ceiling because as reckless as a government shutdown is, the economic shutdown caused by america defaulting would be dramatically worse and i want to talk about this for a minute because even though people can see and feel the effects of a government shutdown, they're already...
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Dec 5, 2012
12/12
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ceiling every time the president proposes it. congress can with 2/3 override it and the republicans can maybe say they're not happy with the progress or maybe you have triggers along the way so you don't have the debt ceiling fight every time as long as the expense agreement cuts that have been reached are hit along the way. there's a potential compromise on that one as well. it's a very important topic and it's not going to get done if both side don't walk away. >> neither side can do this by themselves. >> no. >> both of them can go over the cliff. >> but neither side can reach an agreement. >> with real consequence. >> i know. but even howard dean said we might have a recession, but it would be worth it because we'd finally clear the debt. >> i'd like to see some real math. "the washington post" laid out that tim geithner i think is a great guy, but $44 billion in his savings that he found was just because they pushed a payment out at the end of the ten years. they moved the timing. >> volcker put us into a recession. that was
ceiling every time the president proposes it. congress can with 2/3 override it and the republicans can maybe say they're not happy with the progress or maybe you have triggers along the way so you don't have the debt ceiling fight every time as long as the expense agreement cuts that have been reached are hit along the way. there's a potential compromise on that one as well. it's a very important topic and it's not going to get done if both side don't walk away. >> neither side can do...
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Sep 12, 2017
09/17
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ceiling. as i've said, congress has every right to control spend-up. and if ultimately the government shuts down, which would not be a good thing, that's their right if they can't debris on spending the debt ceiling is about paying for things we've already committed to so i did want to extend it longer the president, rightfully so, wanted to get this done and particularly in the wake of two hurricanes, we'll come back on the debt ceiling again. we have a commitment from the democrats and the republicans that we're never going to let the government default and i'm comfortable where we are. >> the rationale was, we can get this debt ceiling stuff out of the way and work on tax reform, but a lot of other people say, it just makes it even more difficult, it mucks up the works in december for getting tax reform >> yopi don't think so at all. we are super focused on tax reform now it clears the calendar for tax reform, for december 8th, we have the continuing funding, the government through december
ceiling. as i've said, congress has every right to control spend-up. and if ultimately the government shuts down, which would not be a good thing, that's their right if they can't debris on spending the debt ceiling is about paying for things we've already committed to so i did want to extend it longer the president, rightfully so, wanted to get this done and particularly in the wake of two hurricanes, we'll come back on the debt ceiling again. we have a commitment from the democrats and the...
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Jan 9, 2013
01/13
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i want to see one dollar of entitlement cuts for every dollar the debt ceiling is raised. >> you're not normally this mean, this nasty. >> i'm with you and you inspire me. >> you know what, we are coming together somewhere in the middle. you know what we're doing in a word, two words, we're rising above, dude. you got your pen? get you a pen. we're rising above. where's yours? we'll get you one. >> byron, i want to go through some of your predictions. >> surprises. >> surprise predictions, surprises that could come up over the course of next year. you spend a lot of time trying to figure out what the market's doing and consensus is and where it could be taken off guards in some places. i want you to react. start with number 10, that eu structural problems we main unresolved. when i first heard that, i don't think they will be unresolved. you're right, the market has bid things it's looking like the world is better. >> last year, all the european markets were up and europe was in a semi-recession and all the european markets were up semi-20% and i have them down this year in reaction. >>
i want to see one dollar of entitlement cuts for every dollar the debt ceiling is raised. >> you're not normally this mean, this nasty. >> i'm with you and you inspire me. >> you know what, we are coming together somewhere in the middle. you know what we're doing in a word, two words, we're rising above, dude. you got your pen? get you a pen. we're rising above. where's yours? we'll get you one. >> byron, i want to go through some of your predictions. >> surprises....
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Jan 15, 2013
01/13
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every year we pick a new city to explore. but thanks to hotwire, this year we got to take an extra trip. because they get us ridiculously low prices on really nice hotels and car rentals. so we hit boston in the spring-- even caught a game. and with the money we saved, we took a trip to san francisco. you see, hotwire checks the competitions' rates every day so they can guarantee their low prices. so, where to next? how about there? ♪ h-o-t-w-i-r-e... ♪ hotwire.com sven gets great rewards for his small business! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve great rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice. >>> just remind you at the moment, the british
every year we pick a new city to explore. but thanks to hotwire, this year we got to take an extra trip. because they get us ridiculously low prices on really nice hotels and car rentals. so we hit boston in the spring-- even caught a game. and with the money we saved, we took a trip to san francisco. you see, hotwire checks the competitions' rates every day so they can guarantee their low prices. so, where to next? how about there? ♪ h-o-t-w-i-r-e... ♪ hotwire.com sven gets great rewards...
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Dec 17, 2018
12/18
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, but you believe it sounds like you're saying that was more due to the fact shutting down over the debt ceiling than simply shutting down because if you shut down friday, it's not because of the debt ceiling. >> no. >> which means you think -- >> not that big of a market event. >> especially this time around where you have a good chunk of the government funded. it's a less significant shutdown than in the past it's easy to conflate the two issues together. this could be a live issue in march. if the shutdown is a live issue, there are research notes, people talk about this, then by the way you have the mueller investigation. that report could get released then you have a president who wants to short his base, be even more hard lined about this wall. i think you have a confluence with things that are unheard of in american history. it sounds like boilerplate but it's a real thing. >> 33 people i believe have been charged or are about to be charged or sent to jail around the mueller investigation. many of them sort of minor figures here again, from a markets perspective, other networks th
, but you believe it sounds like you're saying that was more due to the fact shutting down over the debt ceiling than simply shutting down because if you shut down friday, it's not because of the debt ceiling. >> no. >> which means you think -- >> not that big of a market event. >> especially this time around where you have a good chunk of the government funded. it's a less significant shutdown than in the past it's easy to conflate the two issues together. this could be...
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Oct 17, 2013
10/13
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it will raise the debt ceiling until february 7th. that's not that far away. lawmakers are required to try and hammer out a long-term deal through a bipartisan committee. democrats have weighed in following their vote. >> averting this crisis is historic. let's be honest. this is pain inflicted on a nation for no good reason and cannot make cannot make the same mistake again. >> this is not a happy day. it's a somber day. because at the end of the day, we never should have gone through wa we went through. joining us from washington is tracie potts. they say we shouldn't have gone through what we've gone twlu what are the chances of it repeating again? >> fairly good chance that we'll see some back and forth, but in terms of a shutdown that lasts this long, likely not. there was serious damage done here on damage to the economy, $24 billion loss in the course of this shutdown and very much damage politically to both parties. but especially the republican party. poll after poll has shown that the american public more so than the democra
it will raise the debt ceiling until february 7th. that's not that far away. lawmakers are required to try and hammer out a long-term deal through a bipartisan committee. democrats have weighed in following their vote. >> averting this crisis is historic. let's be honest. this is pain inflicted on a nation for no good reason and cannot make cannot make the same mistake again. >> this is not a happy day. it's a somber day. because at the end of the day, we never should have gone...
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Feb 14, 2013
02/13
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ceiling, every single thing you mentioned was policymakers. has it always been like that or is this a different period for your firm? >> this is i think pretty new. >> so it's hard to avoid talking about those things, right? >> that you have to pay attention to central banks, of course, and this philosophy of becoming more like bernanke. and then, of course, you have to watch what happens in washington. >> we never used to, though, did we? >> no. it's certainly -- >> how much more time did you spend in washington? >> it's forget, just looking at the years with it it all along. >> do you agree with that? >> i do. i think policy making has become the macro. these bright spots that people are talking about today have unfolded over much of the last year. so our case could be -- it's not that they ignored it. they were so amass by the focus on the fiscal cliff and on europe that has those things waned a little bit, these things now come to the forefront. but they've been going on really for some time. >> chris and dean will be with us for the rest
ceiling, every single thing you mentioned was policymakers. has it always been like that or is this a different period for your firm? >> this is i think pretty new. >> so it's hard to avoid talking about those things, right? >> that you have to pay attention to central banks, of course, and this philosophy of becoming more like bernanke. and then, of course, you have to watch what happens in washington. >> we never used to, though, did we? >> no. it's certainly --...
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Feb 14, 2014
02/14
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congress agrees to appropriations every year and then they vote on the debt ceiling. it's pure politics. it's a way for people to differentiate themselves on the budget they effectively just passed. to me the whole process is a bit an knack row nis tick. >> i would love to continue the conversation. thank you both for joining us. >> thank you. >> see you later. >> because that represents the split to some extent. >> you're right. >> people with the same principles but completely different views. >> reducing spending and raising the debt ceiling, you can reconcile both of those at some point. up 123, losing some altitude right now but still a pretty healthy rally. >>> and coming up, a brewing controversy in sochi as team u.s.'s poor performance in olympic speed skating is being blamed on these suits made by under armour. the olympic team is requesting to switch suits. >>> after the bell, it's him, al franken, senator al franken, the minnesota democrat is firmly against the comcast/time warner cable deal. he'll be here to tell us why. plus, we'll find out what, if anyth
congress agrees to appropriations every year and then they vote on the debt ceiling. it's pure politics. it's a way for people to differentiate themselves on the budget they effectively just passed. to me the whole process is a bit an knack row nis tick. >> i would love to continue the conversation. thank you both for joining us. >> thank you. >> see you later. >> because that represents the split to some extent. >> you're right. >> people with the same...
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Jan 31, 2013
01/13
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senate is expected to vote this afternoon on a bill to suspend the debt ceiling for -- why not suspend it indefinitely? the house passed the measure last week. the senate version includes several republican amendments, matching spending cuts, every dollar increase in the ceiling and that's not expected to get passed. it will suspend it to may the 19th when it will be raised by the amount the treasury borrows in the interim. why -- greg is with us. greg is the economist. can we just get rid of the debt ceiling? it's a real brawl. >> just deep six that sucker like no other country deals with this it ottic device. hey, i'm going to borrow some money, but i'll think twice over whether i'm going to pay the bill when it comes. >> what if it was the founding father himself who said i think we ought to have a debt ceiling so as to avoid fiscal recklessness? >> well, in fact, the debt ceiling, the reason we have one is because up until 100 years ago, we voted on every bond issue individually. so you think it's bad now, just imagine if we had had that situation. but looking forward, though, this
senate is expected to vote this afternoon on a bill to suspend the debt ceiling for -- why not suspend it indefinitely? the house passed the measure last week. the senate version includes several republican amendments, matching spending cuts, every dollar increase in the ceiling and that's not expected to get passed. it will suspend it to may the 19th when it will be raised by the amount the treasury borrows in the interim. why -- greg is with us. greg is the economist. can we just get rid of...
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Jan 21, 2013
01/13
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the debt ceiling may get raised, but it's not being tackled long-term. >> it seems every single time consistently we get the opposite outcome. which means some areas are consistent and it raises debt levels going forward. >> it seems to me as though we can't fix this one because democratically it's not possible. why? because there are so many verses who are automatically vote to increase the debt because the number of people who own entitlements or benefits is relatively high. and i think you're seeing this failure both in the u.s., in germany and to an extent in the uk. >> the trouble is for all of those economies maybe some of the european ones are under pressure by the government. but the problem is, if you look at issues in the u.s., they're just so low. there's no ability to cut in the long-term. how do you push through entitlement reform and address those issues, especially if there's no market pressure right now? >> my sense is that you don't. i don't understand how that can be achieved and, therefore, i suppose what i struggle with is what solution can the government find? th
the debt ceiling may get raised, but it's not being tackled long-term. >> it seems every single time consistently we get the opposite outcome. which means some areas are consistent and it raises debt levels going forward. >> it seems to me as though we can't fix this one because democratically it's not possible. why? because there are so many verses who are automatically vote to increase the debt because the number of people who own entitlements or benefits is relatively high. and i...
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Jan 27, 2012
01/12
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for every man, woman and child, just the 1.2 trillion increase yesterday of the debt ceiling is $3,834 for every man, woman and child. if you take the august increase $2.1 trillion, that is $10,545 for every man, woman and child in the country. those are just the last two increases. if you look at the total picture, the new debt ceiling is now $16.4 trillion. if you look at the global population, $2,346 for every man, woman and child on the planet gets you to $16.4 trillion. if you just look at the 312 million in the u.s. with the $16.4 trillion, that is $52,409 per man, woman and child. i can't even think of a clever way to close this other than a gulp. i don't know that my mike is that good. how much have we heard about this last debt ceiling increase? zero. >> it's been buried by a lot of other news. you've got that right. that man, woman and child includes newborns, toddlers, you name it. >> we have a debt clock which is my favorite screen safer. we have a population clock, as well. those statistics right off the population clock, u.s. and the world ten minutes ago. >> unbelievable
for every man, woman and child, just the 1.2 trillion increase yesterday of the debt ceiling is $3,834 for every man, woman and child. if you take the august increase $2.1 trillion, that is $10,545 for every man, woman and child in the country. those are just the last two increases. if you look at the total picture, the new debt ceiling is now $16.4 trillion. if you look at the global population, $2,346 for every man, woman and child on the planet gets you to $16.4 trillion. if you just look at...
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Oct 23, 2013
10/13
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>> every year in the last three years we've had the debt ceiling battle, budget battle, every single year. there's been a huge explosion at some point in the year that doesn't drive confidence. i think that's been in the way of a lot of growth recovery. underneath the economy is trying to grow. signals are good. we're forecasting the growth to be up next year. here we go in the fall screaming and yelling from washington which scares everybody. when you get that a side, maybe tax reform, confidence built up, we could see the economy come back stronger. >> how much did that expand your mining operations? i know it should have could have, would have. it's about timing and long time i'm sure you're positive on that acquisition. how much did it expand your mining? do you wish you hadn't bought at this point? >> well, here's a little fact. a year before we bought, their total sales were $4 billion. our sales in mining are between $8-9 billion lower than '12. we've seen a worsening for our traditional mining products, trucks and big loaders. two years into the acquisition, it can look good
>> every year in the last three years we've had the debt ceiling battle, budget battle, every single year. there's been a huge explosion at some point in the year that doesn't drive confidence. i think that's been in the way of a lot of growth recovery. underneath the economy is trying to grow. signals are good. we're forecasting the growth to be up next year. here we go in the fall screaming and yelling from washington which scares everybody. when you get that a side, maybe tax reform,...
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123
Nov 5, 2014
11/14
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every president has work on reforms to spending at the time you work on a debt ceiling increase. that's nothing new. it's always happened. this president needs to just get used to the idea of working with people, both republican and democrat, in congress to address real problems facing our country and out-of-control spending is one of those real problems holding our economy back. >> congressman, thanks so much for your time. great to see you as always. steve scalise joining us from louisiana. also a quick programming note, the president will hold a news conference today around 2:50 p.m. eastern time. we will have full coverage of his reaction to the midterm elections this afternoon. >>> up next on the program, realogy up more than 10% in just the last month. the ceo will join us live for a first on cnbc interview after this break. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the
every president has work on reforms to spending at the time you work on a debt ceiling increase. that's nothing new. it's always happened. this president needs to just get used to the idea of working with people, both republican and democrat, in congress to address real problems facing our country and out-of-control spending is one of those real problems holding our economy back. >> congressman, thanks so much for your time. great to see you as always. steve scalise joining us from...
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Sep 20, 2013
09/13
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every debt ceiling issue passed since 1980 -- 70% of the government is automatically funded. if you actually believe in the power of the purse, you're going to have to have a debt ceiling vote. that's where the power of the purse comes into play. sorry, mr. president, you may not want to negotiate on it but that's just the way the constitution works right now. >> do you think it's how the constitution should work? >> there's lots of things we might want to do differently. the problem comes from the 1974 budget act. that's a conversation for another day. by taking most of the spending out of the appropriations process, you have taken away the classic power of the purse. if you've taken that away, the only chance you have to vote no is at the debt ceiling. >> thank god it works that way is where i'm coming from. >> it's not an elegant way to have it work. >> you go to do something. >> look at what's going to happen with coal and utility. there's plenty of things you can do without congress having a say, which he's doing full force. at least in this case you actually have to get
every debt ceiling issue passed since 1980 -- 70% of the government is automatically funded. if you actually believe in the power of the purse, you're going to have to have a debt ceiling vote. that's where the power of the purse comes into play. sorry, mr. president, you may not want to negotiate on it but that's just the way the constitution works right now. >> do you think it's how the constitution should work? >> there's lots of things we might want to do differently. the...
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Jan 16, 2013
01/13
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treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize debt payments if congress doesn't raise the debt ceiling. >>> and president obama will unveil his gun control plan today at 11:45 eastern. he's expected to call on congress to ban military-style assault weapons and the type of high-capacity ammunition used in last month's school shooting in newtown, connecticut. the package will also include efforts to stop school bullying and invest available mental health services. may include several steps the president can take right away without congressional approval. >>> the house of representatives has passed more than $50 billion in aid for hur
treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize...
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Dec 6, 2012
12/12
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this debt ceiling thing, i think the administration is right about this, that they shouldn't do this every time. but my question is why is congress allowed to pass spending bills that exceed the debt ceiling, is that legal? >> has your family ever spent more than you made on any given month, steve? >> shouldn't they sanction themselves, rick? >> they can't go spending and at the end of the month say i can't pay my bills because i spent too much. >> when you change things that are almost 100 years old, it's because of very bad political motives. i wouldn't let the debt ceiling go in the hands of the president under any condition, absolutely not. >> solve it on the front end, that's what i say. >> thank you, guys. >> still ahead, alex rosen started applico, now the company is the major developer of mobile app. alex will join us next. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. [ male announcer ] i have obligations. cutestress. tobligations, but obligations.g. i need to
this debt ceiling thing, i think the administration is right about this, that they shouldn't do this every time. but my question is why is congress allowed to pass spending bills that exceed the debt ceiling, is that legal? >> has your family ever spent more than you made on any given month, steve? >> shouldn't they sanction themselves, rick? >> they can't go spending and at the end of the month say i can't pay my bills because i spent too much. >> when you change things...
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Jan 16, 2013
01/13
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ceiling. we find out when we come back. >>> plus earnings still to come from goldman sachs, reaction from chris whalen, back to analyze the numbers with us. jacque wi "squawk" will be right back. >>> comments, questions? send them to cnbc on twitter. send them to becky, joe, andrew and the "squawk" staff. i got this snapshot thing from progressive, plugged it into my car, and got a discount just for being the good driver i've always been. i'm just out here, snap-shooting it forward. you don't want to have to pay for other people's bad driving, do you? no. with progressive snapshot, you don't have to. i'm going to snap it right now. bam, there it is. goes underneath your dash. keep safe, and keep saving. you know, i won't always be around to save you money. that's why you should get snapshot from progressive. all right, dude! thanks! to the safe go the savings. stamps >>> welcome back to "squawk box." futures lowered, a lot lowered by 53 points. and jpmorgan, $1.39 per share. that was the beat
ceiling. we find out when we come back. >>> plus earnings still to come from goldman sachs, reaction from chris whalen, back to analyze the numbers with us. jacque wi "squawk" will be right back. >>> comments, questions? send them to cnbc on twitter. send them to becky, joe, andrew and the "squawk" staff. i got this snapshot thing from progressive, plugged it into my car, and got a discount just for being the good driver i've always been. i'm just out here,...
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Jan 31, 2013
01/13
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dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them. anyway, joining us for the next hour is bob bruska. that's fao -- >> no. you cannot. >> fao economics. as becky said at the top, things are going to go really well or the market is going to have an '87 crash. >> i like the binary outlook. >> everything you said was so good until you gout to that point. >> he usually wears one of these very clever ties. >> i'm not going to give him any -- >> there you go, joe. >> you didn't forget because you are getting
dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of...
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Apr 1, 2013
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dollar increase in the debt ceiling to a trillion dollars. how are democrats going to fight that if we cut 58 billion in a year and see in impact from it? i think this limited impact means we have a more scary debt ceiling strike than a lot of people thought we were going to have. >> i agree with you. but what i'm worried about is not that the white house thought it would be a huge impact, but we had a number of economists who suggested it might not hit the market immediately, but when it comes to numbers over the next two and three months, we might finally see it. have we decided we're not going to see that, either? >> yo. i don't think we've decided that. i think we'll get some furlough notices this friday from the pentagon. you might see more headlines creeping in that maybe this is having some more impact. in terms of a knock on gdp growth or any of those things, it's too early to say whether we've taken that 1% off. it does show up in consumer confidence numbers, in some of the sentiment numbers. they've been weaker than they might have
dollar increase in the debt ceiling to a trillion dollars. how are democrats going to fight that if we cut 58 billion in a year and see in impact from it? i think this limited impact means we have a more scary debt ceiling strike than a lot of people thought we were going to have. >> i agree with you. but what i'm worried about is not that the white house thought it would be a huge impact, but we had a number of economists who suggested it might not hit the market immediately, but when it...
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Nov 1, 2013
11/13
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the last -- for whatever reason, every time we have a debt ceiling fight, consumer confidence plunges epic amounts. the one in 2011 is the biggest drop in the history of the series except for leemahman, bir than 9/11, bigger than iranian hostage crisis, and it took five months before consumer confidence returned to the dumpy levels it was before the '11 debt ceiling. this time, you saw a big drop in consumer confidence. if we get into another shutdown fight within the five-month period, i fear this thing could essentially turn into just a permanent thumb pressing down on consumer confidence. i'm definitely worried about that. >> and you think that's a real possibility? i mean, handicap -- >> yeah, i do think -- i was getting heartened to see mitch mcconnell say there was definitely not going to be another shutdown because it went badly for republicans. >> right. >> but i will say with the troubles of the health plan and the rollout of the website, you got to think that the same group that said let's demand to turn off obama care or to delay it, otherwise we shutdown the government. ea
the last -- for whatever reason, every time we have a debt ceiling fight, consumer confidence plunges epic amounts. the one in 2011 is the biggest drop in the history of the series except for leemahman, bir than 9/11, bigger than iranian hostage crisis, and it took five months before consumer confidence returned to the dumpy levels it was before the '11 debt ceiling. this time, you saw a big drop in consumer confidence. if we get into another shutdown fight within the five-month period, i fear...
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Oct 7, 2013
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. >> can we look very quickly at the impact of the debt ceiling breach if we get there? government spending in that case, it's a budget amendment. somebody said that, spending cut by 1 of every $3. 32% decline or down $108 billion. i don't know how you do that, but the question becomes, alan, is there a way -- is there -- was a secret plan inside treasury? becky asked this question. >> yeah, is there -- what case of emergency, break the glass. >> double secret plan. >> i would take the single secret. >> there's no plan that is sufficient for the kind of calamity that we would face. >> that is sufficient. but there is a plan, right? >> well, look, it's incumbent on government to make contingency plans. there's no plan that's conceivably possible to cope with breaching the debt ceiling. >> do you have any sense to what this does to the president's plan to pick a new chairman? >> i'm observing that from the outside. i think that the fights that we're seeing in congress are not helpful for any nominee. it's going to slow down nominations, that's not good for the country, not
. >> can we look very quickly at the impact of the debt ceiling breach if we get there? government spending in that case, it's a budget amendment. somebody said that, spending cut by 1 of every $3. 32% decline or down $108 billion. i don't know how you do that, but the question becomes, alan, is there a way -- is there -- was a secret plan inside treasury? becky asked this question. >> yeah, is there -- what case of emergency, break the glass. >> double secret plan. >> i...
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Sep 30, 2015
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let's not forget the last time we had a debt ceiling showdown, okay, not the c.r. budget stuff, that's every year becoming what the definite of insanity is, doing the same thing, expecting a different outcome, that was 20 11, and, david, the result of that, you remember that as a downgrade in the u.s. credit rating. we can't afford higher borrowing costs because then you spend money for nothing, right? goes out the door to somebody else. >> i don't think we'll have that again because both mitch mcconnell and john boehner and kevin mccarthy are determined. they know that that would hurt their party in the presidential election, which is the most important thing on the plate. >> you were right. the biggest risk is interest rate risk. our interest rates are at or near historical lows, still adding debt, interest rates will go up. the question is how much, and how fast. and what do you get for interest? nothing. right? >> a nice way of putting it. david, thank you. >> pleasure. >> john, see you in a bit. >> i'm going to use that. >> great company in detroit. making bik
let's not forget the last time we had a debt ceiling showdown, okay, not the c.r. budget stuff, that's every year becoming what the definite of insanity is, doing the same thing, expecting a different outcome, that was 20 11, and, david, the result of that, you remember that as a downgrade in the u.s. credit rating. we can't afford higher borrowing costs because then you spend money for nothing, right? goes out the door to somebody else. >> i don't think we'll have that again because both...
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Sep 24, 2013
09/13
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everybody in the media, the social media, every magazine, every newspaper talking about debt ceiling. you know, all for one and one for all. when you look at the economies of europe, china, the u.s., japan, it's almost as though there has been a pact. we've talked many times about how stimulus in one country -- when everybody is interconnected globally, stimulus is fungible. it moves around the globe. when capital becomes more accessible, it doesn't necessarily matter where the country of origin is. it just starts working its way around the globe. now, consider. it's almost as though there's a self-insurance going on. if just one of the big economies had too much debt or too many problematic areas of leverage within the economy or not enough growth to sustain long-term debt and obligations, the other major economies would clean the table. but when you have everybody with the same strategy, it's almost like self-debt insurance, because if anything goes haywire, one thing we have learned is the central banks will do anything to keep the central music playing. if something happens, a res
everybody in the media, the social media, every magazine, every newspaper talking about debt ceiling. you know, all for one and one for all. when you look at the economies of europe, china, the u.s., japan, it's almost as though there has been a pact. we've talked many times about how stimulus in one country -- when everybody is interconnected globally, stimulus is fungible. it moves around the globe. when capital becomes more accessible, it doesn't necessarily matter where the country of...
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Sep 26, 2013
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. >> that 47%, people are more concerned about taking on more debt than raising the debt ceiling. do they understand what happens if we don't raise the debt ceiling? >> we try to ask this in a way that gives you every opportunity to understand the consequences. we say the u.s. will default and some people won't get paid. so we do tug at the heart strings and they still say we're more concerned about the debt. >> and the full faith and credit of the u.s. -- >> you can only go so far in a poll question, but i think we ask it in a fair way. >> how do they get to that answer? >> because people are concerned about debt. it's a natural, almost instinctive feeling. >> peter, tell me what you think is happening. when you say mortgage rates would rise, lay out the scenario. >> here's the problem, when things can go awry in that kind of way, they can go awry in such a complex set of ways that you don't, it's not even worth trying to trace out all of them. >> you get to the point of higher mortgage rates because people would be less willing to buy government debt. >> i think if we delayed de
. >> that 47%, people are more concerned about taking on more debt than raising the debt ceiling. do they understand what happens if we don't raise the debt ceiling? >> we try to ask this in a way that gives you every opportunity to understand the consequences. we say the u.s. will default and some people won't get paid. so we do tug at the heart strings and they still say we're more concerned about the debt. >> and the full faith and credit of the u.s. -- >> you can...
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Jan 15, 2013
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in the made lines the ongoing battle over the debt ceiling prompting a warning from ratings agency fitch. it's saying that the failure to raise the debt ceiling in a timely manner is going to prompt a formal review of u.s. credit ratings. however fitch does add it expects congress will ultimately approve a debt ceiling increase. also this morning the postal service plans to speed up cost-cutting and revenue boosting measures. not saying exactly what steps it's going to take although it does plan to reveal them at a later time. the service has been waiting for congressional legislation to put it on more sound financial footing. but lawmakers have been occupied with the fiscal cliff, the debt ceiling, and other pressing issues. and finally radio shack is ending its mobile phone partnership with target. the venture has been unprofitable and radio shack has been unable to negotiate more favorable terms. >>> as you know, the house is set to vote today on a $51 billion superstorm sandy package that has already turned in to a bitter battle over spending. joining us now is congressman frank pall
in the made lines the ongoing battle over the debt ceiling prompting a warning from ratings agency fitch. it's saying that the failure to raise the debt ceiling in a timely manner is going to prompt a formal review of u.s. credit ratings. however fitch does add it expects congress will ultimately approve a debt ceiling increase. also this morning the postal service plans to speed up cost-cutting and revenue boosting measures. not saying exactly what steps it's going to take although it does...
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Oct 29, 2013
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because there were two brinks, there was the government shutdown brink and there was the debt ceiling brink. so there were brinks. >> yeah. >> brinks. >> therefore -- >> you are the -- >> i'm struggling. i'm clutching at straws. >> brinksmanship, because there were two brinks. >> at least two brinks. there was a brink in 2011. anyway -- >> we need a new word. >> talk about retail sales. one is this 2.2% decline in motor vehicle sales that has something to do with the timing of labor day pulling stuff into august. so the idea is that the car business is doing well. and i don't think this is going to continue the idea of a 2.2% decline in auto sales. that should bounce back. one other thing that i really like, the 0.7% gain in electronics appliances. >> say that again -- >> a 0.7% increase in electronics and appliances. electronics and appliances. >> iphone. >> apple, iphone. they have a tendency to affect the macro data. they come in -- they do an ipad, they do this, that was the expectation among economists. seems like it's there. a 1% increase in grocery store sales. i don't know wha
because there were two brinks, there was the government shutdown brink and there was the debt ceiling brink. so there were brinks. >> yeah. >> brinks. >> therefore -- >> you are the -- >> i'm struggling. i'm clutching at straws. >> brinksmanship, because there were two brinks. >> at least two brinks. there was a brink in 2011. anyway -- >> we need a new word. >> talk about retail sales. one is this 2.2% decline in motor vehicle sales that...
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Jan 7, 2013
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what happens if it becomes clear that the sides are far apart on the debt ceiling in two months? how does the market react to that? >> well, you know what? based on the two months that we just went through with the fiscal cliff with the negotiations every day coming out, no, we're not doing this, we're not doing this, you know, they're not showing any good faith here, that's what the market is going to feel like over the next two months. i don't know that there's going be much credence, honestly, coming out of washington. at least as far as the market is concerned, until we get down to that final week, until we get down to those final hours. so i would expect that whatever we see coming out is really not going to affect the markets on a day-to-day basis like the fiscal cliff news is. you remember, you know, every day we saw a new headline. the market traded only on fiscal cliff news. economic news wasn't such a big factor. individual, you know, or news coming out of europe wasn't a big factor. i really think that the next two months is going to be based on earnings, based on empl
what happens if it becomes clear that the sides are far apart on the debt ceiling in two months? how does the market react to that? >> well, you know what? based on the two months that we just went through with the fiscal cliff with the negotiations every day coming out, no, we're not doing this, we're not doing this, you know, they're not showing any good faith here, that's what the market is going to feel like over the next two months. i don't know that there's going be much credence,...
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Jul 12, 2012
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slow downs whether shutting down the government or debt ceiling we managed to fix it. >> at the end of the bay, boehner and obama could not come to a grand bargain and kicked the can down the road when it comes to this key issue so we'll have a cutting that just takes effect as you well know. what gives the confidence that our political leaders can reach a real agreement? >> they always have in the past. and i think that one of the reasons it will be different this time is let's take a scenario that obama is re-elected. ep has more leverage. boehner goes back to his caucus and says this is a president that's going to basically extract more from us than the last time. i think that crates a dynamic for cooperation. i don't want to minimize this threat. the economy this year faces a lot of headwinds. the main point we're trying to make is if you look beneath the surface great stuff is going on. ten years from now you can be very bullish about the american economy because of the great reforms and changes going on with the private-sector not the problems here in washington. >> you make a ke
slow downs whether shutting down the government or debt ceiling we managed to fix it. >> at the end of the bay, boehner and obama could not come to a grand bargain and kicked the can down the road when it comes to this key issue so we'll have a cutting that just takes effect as you well know. what gives the confidence that our political leaders can reach a real agreement? >> they always have in the past. and i think that one of the reasons it will be different this time is let's...
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Jan 4, 2013
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now we have the debt ceiling debate. so certainly we cost ourselves thousands, tens of thousands, maybe hundreds of thousands of jobs over the last several months because of this whole debacle. >> i'll tell you, i think the bipartisan agreement that was agreed to did help to provide the kind of effort that the public, the american public wanted to see. and we're going to continue to see that move along. i know that the president has the support of the public. i don't think -- it's not for the president not wanting to do things. you have to have two people cooperating. >> madam secretary, the question, though, is simple, was there an impact on hiring in your estimation because of the fiscal cliff? and we ask that, because we're entering another phase in which we have to deal with spending cuts and the debt ceiling. so was there an impact, and then, will we see an impact in the next couple of months? >> i did not see a dramatic impact in this job report. i mean, if you look at the unemployment rate, it stayed about the sam
now we have the debt ceiling debate. so certainly we cost ourselves thousands, tens of thousands, maybe hundreds of thousands of jobs over the last several months because of this whole debacle. >> i'll tell you, i think the bipartisan agreement that was agreed to did help to provide the kind of effort that the public, the american public wanted to see. and we're going to continue to see that move along. i know that the president has the support of the public. i don't think -- it's not for...
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Oct 7, 2013
10/13
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stocks are lower as we mentioned as the shutdown continues and the debt ceiling looms. the dow is giving up triple digits this morning. let's bring in jim paulson with capital management and bob bauer. guys, good morning. >> good morning, kelly. >>> all i heard last week, jim, all weekend is how eager investors are to buy the dip. where are the dip buyers today? >> i think they are lurking around the edge. i really do. people realize this could go lower. as time marches on toward the deadline, we might get lower. the good news is investors do realize, this is a two-way trade. it still has got huge odds of eventually being resolved and when it does, you are gonna have at least some rally in stock. i actually think, right now, kelly, because stocks aren't off that much, that the bigger change might be the bottom yields, might go up more rather than a big rally back up in stocks. i do think that the american psyche is in a better place. >> when you say the bond yields might go up, do you mean today or generally in the future? >> no, i mean on resolution. people are looking
stocks are lower as we mentioned as the shutdown continues and the debt ceiling looms. the dow is giving up triple digits this morning. let's bring in jim paulson with capital management and bob bauer. guys, good morning. >> good morning, kelly. >>> all i heard last week, jim, all weekend is how eager investors are to buy the dip. where are the dip buyers today? >> i think they are lurking around the edge. i really do. people realize this could go lower. as time marches on...
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Dec 17, 2012
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maybe if the president doesn't want a limit on the debt ceiling, which i think would be a mistake, he's the president, he's not the king, maybe we should swap. maybe the effective is you don't want no debt ceiling, if we put forth a balanced budget amendment, we could get there. there's also another thing i notice on that debt clock i like to play around with. you can see, for example, how many taxpayers there are. you can also see how many retirees there are. the retiree category includes people with disabilities. but as one final thought. when you look at the percentage of retirees as a function of taxpayers in 2000, it was about 42%. right now, it's about 60%. so when we look at the debt, and then we look at how we pay our bills, and who taxpayers are, this dynamic along with number really need to be thought of quite seriously. whether you raise taxes, whether you groe the economy, i guess one of the problems is, we have to have a bigger percentage of people working, or a bigger revenue stream to pay for the demographic time bomb that was warned many decades ago that we happen to be
maybe if the president doesn't want a limit on the debt ceiling, which i think would be a mistake, he's the president, he's not the king, maybe we should swap. maybe the effective is you don't want no debt ceiling, if we put forth a balanced budget amendment, we could get there. there's also another thing i notice on that debt clock i like to play around with. you can see, for example, how many taxpayers there are. you can also see how many retirees there are. the retiree category includes...